Prime Minister Narendra Modi in his address to the nation declared currency notes Rs 500 and Rs 1,000 will not be accepted as legal tender from November 8 midnight. While new currency notes of Rs 500 and Rs 2,000 were unveiled, PM Modi also gave specific guidelines on how to exchange the existing currency notes.

While chemists will continue to take Rs 500 and 1,000 on doctor's prescription, families who are undergoing treatment, travelling or need medicine have been exempted.

PM added that CNG, petrol and diesel outlets will also receive Rs 500 and 1000 notes till midnight of November 11. Crematoriums will also continue to receive existing currency notes till November 11 midnight.

Those who are going abroad or returning to India and are having Rs 500 currency will be given facility to change them.

Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days. Banks have also been ordered to remain shut on Wednesday, he said.

Modi said that for medical patients, the old notes will be accepted. He also said that retail petrol pumps will accept such notes till November 11, after which the stations will have to keep a register of such notes for some time.

Here's what you can do:

ATM withdrawals will be restricted to Rs 2,000 per day till November 11, when this limit may be increased slowly.

Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices.

Notes can also be exchanged across the bank counter by showing government-issued ID proof.

Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days.

No ATMS to function on November 10 and November 9.

RBI has agreed to issue new Rs 500 and Rs 2,000 currency notes.

50 days to return existing currency notes (November 10 and December 30)

Those missing the deadline can visit RBI and return notes by March 31, 2017.